By Stephen Nakrosis

 

S&P Global Ratings said Friday it has raised Ukraine's long- and short-term foreign currency sovereign credit ratings after the country completed a distressed debt restructuring.

S&P had the ratings at 'SD', or selective default, while the agreement was being negotiated. On Friday, the agency said it raised the ratings to 'CCC+/C'.

Ukraine restructured the equivalent of $22.6 billion in sovereign Eurobonds and about $1.5 billion of state-guaranteed Eurobonds, S&P said. The country "received consent from the required majority of bondholders to postpone interest and principal payments on the debt for 24 months," according to S&P.

S&P also said it has a stable outlook on Ukraine, reflecting its view of the reduction in the nation's debt service requirements and expectations of steady international financial support against risks to the nation's "economy, external balances, public finances, and financial stability stemming from the ongoing war."

 

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

August 19, 2022 16:56 ET (20:56 GMT)

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